Philippine Inflation Rate Plunges to Four-Year Low

Inflation Rate in the Philippines Slows to 1.3% in May The Philippines saw its inflation rate drop to a four-year low in May, according to the Philippine Statistics Authority (PSA). The rate of price increases slowed to 1.3%, the lowest since November 2019. This positive development is attributed to several factors, including a decrease in the prices of electricity, water, and fuel. The PSA noted that the slower increase in electricity and water prices, coupled with a faster-than-expected decrease in fuel costs, significantly contributed to this decline. 'This is the lowest inflation rate we've seen in years, and it's a welcome sign for the Philippine economy,' said a spokesperson for the PSA. The Bangko Sentral ng Pilipinas (BSP) had previously projected inflation to fall between 0.9% and 1.7% for May, and the actual figure falls within this range. This positive economic news offers hope for consumers and businesses alike, suggesting a period of relative price stability after a period of rising costs.